Revenue isn’t profit. It’s entirely possible to lose money on $32 billion in revenue.

Your link says Travelers Companies had ~$3 billion of net income (profit) on ~$42 billion in revenue.

That’s still not enough information to say what they can “afford” because opportunity cost exists.

You only get silly TLD projects if the overall revenue of your company exceeds some threshold; other companies can't afford that level of mistake. Profits and loss don't matter as much as how much money is coming and going - look at ISPs, with the massive amounts of money shuffling that goes on between the top 5 at a global scale. Quantity is a quality all its own, in these cases; it might only be a fraction of a percent of a budget over the course of a decade, but the real world gets to see tens or hundreds of millions of dollars essentially wasted.

Project managers and MBAs get to rationalize their degrees and theories, because after all, they wouldn't be getting paid by ABCXYZ, Inc and managing million dollar budgets if their project wasn't top-class and 100% justified. You might have to keep firing new hires that mention anything about the whole TLD thing being ridiculous, but they were just negative energy anti-social people who wouldn't have fit the company culture anyway.